No, this is not about buying more insurance. It’s about making sure you understand your needs, your existing coverage and whether it’s still necessary. People are overinsured as often as underinsured.
You want to keep a close watch on your risk management framework to control costs and to maintain appropriate coverage.
While this might sound obvious, it requires attention. This process isn’t a one-off event either. It’s something you revisit each year, or whenever there’s a significant change. Ideally, this review process becomes a routine aspect of your net worth and estate planning.